The clock is ticking on some grant programs for businesses in North Dakota and East Grand Forks that have been impacted by the coronavirus pandemic.
The application deadline for the Bank of North Dakota’s COVID PACE Recovery II program is at 5 p.m. Oct. 30. The program reimburses companies for interest on business-related debt, up to $50,000. The same deadline holds for round two of an East Grand Forks grant program to assist businesses with expenses and losses related to COVID-19.
North Dakota business owners applying for the CRP II program need to have been located in North Dakota as of March 13 and are required to have been current on all financial obligations as of that same date. A business must have sustained a 20% year-over-year loss for in-state operations between April 1 and Sept. 30. Business owners need to go through their local lenders to certify that 20% loss, before the lender initiates an application.
Businesses in East Grand Forks need to prepare profit and loss statements for the period between March 16 through the end of September for the years 2019 and 2020. The application for the grant, and instructions on how to submit it, can be found on the Economic Development Authority’s page of the East Grand Forks’ website.
Round two for that grant program removes the $5,000 cap that was in place in round one; however, a business that received funding in round one cannot re-submit the same expenses. Round two of the program is aimed at businesses that have incurred expenses beyond the $5,000 threshold in round one, as well as new businesses and businesses with very high expenses.
Applications for funding will be determined based on the impact of state-mandated COVID-19 restrictions placed upon a particular business.
While most businesses are encouraged to apply for funding, some, such as corporate or multi-state chains and businesses that get income from gambling, are not eligible. Further restrictions can be found in the grant application.